After South Korea declared “martial law”, the cryptocurrency market experienced significant fluctuations. According to Lookonchain data monitoring, the market fell rapidly after the news was released, causing investors to pay attention. It is worth noting that in just one hour after the "martial law" news was announced, more than 163 million USDT flowed into the Korean exchange Upbit. This phenomenon may indicate that some whale investors are taking advantage of market panic to carry out bargain hunting operations. On-chain data analysis shows that large transfers of USDT may have a short-term impact on market liquidity and prices, and investors need to pay close attention to subsequent market dynamics.